Honolulu Board of Realtors releases September 2011 Residential Real Estate Statistics Report.

The Honolulu Board of Realtors released the Residential Resale Statistics for September 2011 this morning.

Single Family Homes

This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. [Single Family Homes]

The number of Single Family Home sales is up 4% to 284 compared to 273 sales last year in September, but the year to date volume is down slightly at 2,200 from 2,252.  Sales price is down to $570,000 from $598,000, reflecting a 4.7% decline.  Inventory continues to tighten up with only 378 new Single Family Homes listings compared to 439 listings in September 2010.  Housing Affordability is up 16.2% to 74, meaning greater affordability compared to 64 last year.

Condominium/Towhouses

This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. [Condominium/Townhouses]

The number of Condominium/Townhouse year to date sales is up slightly at 3,300 compared to 2,989 at the same time last year.  The Median Sales Prices is $302,500, down from $305,000.  Inventory is also slightly down with 535 new Condominium/Townhouse listings compared to 572 in September of 2010.  Housing Affordability for condos has improved with an index of 131, up from 121 at the same time this year.

The Local Market Update Report by Neighborhood has some interesting statistics.  Certain neighborhoods around Oahu have increased Median Sales Prices.  Are you located in one of those neighborhoods?  Check the report here [Local Market Update PDF].

Source: Honolulu Board of Realtors.
September 2011 Monthly Indicators Report PDF
September 2011 Housing Supply Outlook PDF


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Rick Nakama (R GRI) 808-382-6761 East Oahu Realty, Inc.